Hillsborough County’s commercial real estate market is experiencing a wave of significant transactions, spanning diverse sectors from senior living and multifamily housing to retail centers and single-tenant net-leased properties. These high-value sales underscore the region’s continued appeal to both institutional investors and private equity groups seeking stable assets in a growing metropolitan area.
Key takeaways
- Arbor Terrace Citrus Park senior living facility sold for $38.5 million.
- Carrollwood Village Shoppes retail center changed hands for approximately $12 million.
- Cortland Santos Flats apartment community was acquired for $64.7 million.
- A single-tenant Wendy’s in Brandon was sold for $1.5 million.
Healthcare and multifamily sector growth
The senior living and multifamily sectors remain major drivers of investment in the Tampa Bay region. Arbor Terrace Citrus Park, a 139-unit senior living community, was recently acquired by an affiliate of Principal Real Estate Investors for $38.5 million. The property, which offers independent living, assisted living, and memory care, continues to benefit from Florida’s demographic trends, specifically an aging population that sustains long-term demand for healthcare-integrated housing.
Similarly, the multifamily market saw a major movement with the sale of Cortland Santos Flats. This 296-unit apartment community in eastern Hillsborough County was sold for approximately $64.7 million. The property, completed in 2021, features modern residential buildings and represents a strategic expansion for investors looking to capitalize on the region’s steady population growth and high demand for quality rental housing.
Retail and net-lease activity
Retail assets also continue to attract significant capital, particularly those located in high-traffic corridors. Carrollwood Village Shoppes, a 45,353-square-foot retail center at the intersection of North Dale Mabry Highway and West Fletcher Avenue, was sold for roughly $12 million. The center, which hosts a variety of restaurants and service businesses, remains a staple of the Carrollwood commercial landscape, benefiting from the heavy daily vehicle traffic of one of the area’s busiest intersections.
In the single-tenant net-lease market, a Wendy’s restaurant in Brandon changed hands for $1.5 million. The property, located on West Brandon Boulevard, serves as an example of investor interest in absolute triple-net lease structures. These assets are highly sought after by private investors due to the lack of landlord responsibilities and the tax advantages of operating in Florida. The property’s long-term operational history and prominent location near major regional infrastructure continue to make it a reliable, income-producing asset.
Sources
- Tampa senior living community sells for $38.5 million, Tampa Bay Business & Wealth.
- Carrollwood Village Shoppes sold for about $12 million, Tampa Bay Business & Wealth.
- Cortland Santos Flats sells for about $64.7M, Tampa Bay Business & Wealth.
- The Boulder Group Arranges Sale of Wendy’s in Tampa MSA, openPR.com.